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Kenneth Arrow (Arrow)

( The American economist)

Comments for Kenneth Arrow (Arrow)
Biography Kenneth Arrow (Arrow)
genus. August 23, 1921, Mr..

Memory of the Nobel Prize in Economics, 1972
with John Hicks

American economist Kenneth Arrow was born in New York, the son of Harry Arrow and Lillian (nee Greenberg) Arrow. He studied in New York City College, 1940. graduated with degrees in social sciences, specializing on general issues Mathematics. Later, the scientist said that his education received in college, he was 'fully obliged to the existence of this beautiful, free institutions, and financial sacrifices of my parents'.

Entering in 1940. Columbia University, E. begin their studies in mathematics and in the following year received a master's degree. Then, on the advice of Harold Houtlinga, an expert on statistics and mathematical economics, he turns to the economy. The Second World War interrupted his studies E. university: from 1942 to 1946. He served as an officer in the U.S. Air Force Weather Service, from left in reserve with the rank of captain. He continued his studies at Columbia University from 1946 to 1949, while working as a junior researcher and assistant professor at the Commission Coles Economic Research at the University of Chicago. Here (and many years 'Rand Corporation'), working with Tjalling Koopmans, and many other economists with a mathematical bent, E. continuing research in areas of interest for him, - the general equilibrium theory, mathematical programming and economic well-being.

Since 1949. E. acting assistant professor of economics at Stanford University, . which then becomes a professor of economics, . statistics and operations research, scientists remain here until 1968, . then moves on to a teaching position at Harvard University,
. From 1974 to 1979. He was a professor at the University of James Brian Konanta at Harvard. Since 1980. He is Professor of Economics and professor of operations research at Stanford.

Arrow's doctoral dissertation titled "Social Choice and Individual Values' (" Social Choice and Individual Values ") was published in 1951. In it, based on previous work by Paul Samuelson and the Harvard economist Abram Bergson, E. attempted to establish the conditions (if any) under which group decisions can be derived a rational or democratic way of individual preferences. E. thought, . the democratic 'social welfare function', . the link between individual preferences and social choice, . shall comply with four requirements: transitivity (if A is preferable to social choice, . than the choice of B, . and the choice of B - the choice in, . And the choice is preferable, . than the choice of B); Pareto efficiency (alternative solution can be chosen, . If there exists another feasible alternatives, . improving the lives of some members of society and no one worse), the absence of dictatorship (social selection is not done by one person); independence of foreign alternatives (the choice between A and B remains unchanged, . If we introduce a third, . logically valid, . but unworkable option B),
. E. showed that four conditions are in conflict, thus, no social welfare scheme may not meet all requirements simultaneously.

The simplest example of 'impossibility theorem' E. known as the Condorcet paradox, named after the famous French mathematician, lived in XVIII. It is associated with the choice for majority - a widely used method of social choice in democratic societies and small groups. Suppose there are three candidates for elective office: Adams (A), Smith (C) and Jones (D). A third of voters disposed of as follows: A, C, D, another third - C, D, A, and the remaining voters - D, A, C,. Thus, the majority prefers A to C, C to D, and - seemingly irrational - D to A. But this violates the transitivity, the first of the conditions E. Thus E. as it proved - or rediscovered - that the democratic decision-making in the traditional sense is impossible in principle.

Few of an economics thesis provoked a stream of comments of economists, philosophers and scientists, politicians, as thesis E. Some critics denounced the restrictive assumptions about the independence of outside alternatives, while others, including political economist Gordon Tullock, opposed the transitivity. And although in process of expanding the original analysis of the E. Significant progress was made, the meaning and significance of the theorem is not yet fully understood.

In the early 50-ies. E. made significant contributions to many other areas of economic theory. His work 'The expansion of basic theorems of classical welfare economics' ( "An Extension of the Basic Theorems of Classical Welfare Economics", . 1951) showed not only that, . that the equilibrium in a competitive market is Pareto-efficient, . but also, . that any Pareto-efficient allocation can be achieved by market forces,
. Are clear complications related to the policy: Governments seeking to redistribute income, should not directly intervene (eg, through price controls) in the functioning of the market mechanism. They should rather use other means (namely, general taxes, transfers), allowing market forces to operate freely.

Continued this line of E. Three years later, when he worked with Gerard Debreu proof of the existence of well-known competitive equilibrium in an abstract model of the economy mnogorynochnoy. Their work not only filled a gap in the general equilibrium theory, but also became the first, where the economic analysis were used generalized theory and topology. Working on this theme, the two economists have shown how their model can be applied to 'indefinite society' through the introduction of future markets and insurance. Other works E. made a significant contribution to the theory of optimal reserves, analysis of stability of market models, mathematical programming and statistical decision theory.

Continue to work on problems of general equilibrium, E. summarized the results obtained in the 'General competitive analysis' ( "General Comretiti ve Analysis", 1971), written jointly with the British economist Frank Hahn. Nevertheless, most of his research in these decades is linked to economic growth and distribution, economic uncertainty and political problems. In this paper, 1961. 'Replacement of capital labor and economic efficiency' ( "Capital-Labor Substitution and Economic Efficiency") E. and others have shown, as measured by category introduced by John Hicks 'elasticity of substitution' of labor and capital.

In this paper, 'The economic meaning of learning through practice' ( "The Economic Implication of Learning by Doing", 1962) E. suggested that production becomes more efficient with the growth in total output, t. to. labor force gains experience. In the article on this subject argued that the market economy tends nedovkladyvat in research and development because of the noncommercial nature of innovation in this area. His work 'essays on the theory of risk-taking' ( "Essays on the Theory of Risk Bearing", 1963), which is a lecture in memory of Ero Jonassen, still remains one of the best introductions to the economics of uncertainty. This work E. greatly expanded our understanding of both the potential and limitations of the market mechanism.

The relevant criteria for public investment - this is the subject of the book E. 'Public investment, the rate of return and the optimal tax policy' ( "Public Investment, the Rate of Return, and Optimal Fiscal Policy", 1970), written with economist Mordecai Kurtz. In addition, efforts were directed at academic research in various fields, such as economic development and the crisis of urbanization, the problems in management science and economics of discrimination.

In 1972. E. got together with John Hicks memory Nobel Prize in Economics for "pioneering contributions to general equilibrium theory and welfare theory '.

Technical design of the R. makes them difficult to read even for economists. Many people, including Simon Kuznets, Wassily Leontief, and Gunnar Myrdal, openly condemned the mathematical complexity inherent in the works of E., Debreu, Samuelson, and many other theorists of the economy since the Second World War. At the same time E. the work has always held interest in the basic economic issues and pressing social problems

. The source of his commitment to the modeling process is competitive equilibrium, . as demonstrated by his Nobel Lecture, . no enthusiasm for higher mathematics, . a desire to understand, . is conceived as a balance between the quantity of goods and services, . which some are ready to sell, . and the number, . that others want to buy,
. He noted that 'the experience of equilibrium is so prevalent that in the minds of non-specialists do not worry there ... The paradoxical result is that they can not imagine the strength of the system and are not inclined to trust her with any significant deviation from normal conditions'.

E. has a precious gift approached with deep theoretical insight to the issues related to social and political life. He is one of the most influential popularizers of economics, he wrote a number of understandable and accessible works on the theory of economics.

In 1947, Mr.. E. married Selma doorman, they have two sons.

In addition to the Nobel Prize, E. awarded many titles and awards, including the title of a member of the Council at the Center for Basic Research in the behavioral sciences, the Research Center of Social Sciences and the Guggenheim Foundation. He - a member of the U.S. National Academy of Sciences. American Philosophical Society. Finnish Academy of Sciences and the British Academy of Sciences, full member of the American Academy of Arts and Sciences and the Econometric Society.

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